When an individual dies everything they own is valued to calculate the inheritance tax (IHT) due on their estate. These assets include the deceased’s main home and any let properties they may own.
The ‘Non-Resident Landlord Scheme’ (NRLS) requires persons who act as ‘representatives’ (agents) for the landlord to deduct basic rate tax from the net rent collected (rental income less expenses paid) unless the agent or tenant has authority from HMRC to pay the landlord gross.
As a landlord you may have lost income during the pandemic as tenants have left or gone into liquidation. Council tax (for residential properties) and business rates (for commercial premises) remain payable when a building is empty but there may be reliefs available.
We have often heard the phrase, ‘my property is my pension’. People tend to have different plans for retirement. As life expectancy has continually increased for the UK population over the past decades, it follows that the thought of ensuring a decent quality of life post retirement is considered.